Mastercard Blockchain To Bring Visibility to Food Systems

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Mastercard Blockchain To Bring Visibility to Food Systems

Topco food is cooperative to pilot the technology to trace the source of seafood at member grocery stores starting with Food City.

Consumers increasingly want to know the story behind the food that they consume – the source of the produce, meats and seafood, and their journey to the table. Mastercard is collaborating with Envisible, a company that enables supply-chain visibility in food systems to bring more visibility to food that people eat every day.

Envisible’s Wholechain traceability system will be powered by Mastercard’s blockchain-based Provenance Solution and used by Topco Associates, LLC, a leading United States food cooperative, to help its member-owners’ supermarkets trace and highlight the origin of seafood. Topco is working with its member grocery chains, starting with Food City, to pilot the use of the technology to provide a better line of sight into ethical sourcing and environmental compliance of the seafood selection sold at their stores. The first of several species to be tracked will be salmon, cod and shrimp.

“Given consumers’ expectations for reliable information about the food that they eat, we’re excited to partner with Food City and Envisible on this trace and provenance solution pilot, and the promise of Envisible’s Wholechain solution,” said Scott Caro, senior vice president of Fresh, Topco.

“Using Envisible Wholechain, powered by Mastercard, our grocers will be able to stock shelves with confidence and also be able to pinpoint issues in the food chain during any unfortunate events such as recalls,” added Dan Glei, executive vice president, Merchandising and Marketing, Food City.

With over 100 blockchain patents filed, Mastercard is number three globally among top blockchain innovators. The company has built a permission blockchain network that is integrated with its global network and provides a secure tamper-proof ledger, high transaction throughput, enhanced security, transaction privacy, and support for multiple use cases with one deployment.

Built on its proprietary blockchain technology, the Mastercard Provenance Solution is industry-agnostic and helps brands provide visibility into product journeys and a clear record of traceability designed to contribute to consumer confidence, trust and awareness. The Mastercard Provenance Solution also provides governance capabilities to complex supply chain networks, leveraging Mastercard’s proven track record of establishing trust and rules in highly-regulated markets.

“The identity of things is becoming even more important as consumers raise demands for transparency,” said Deborah Barta, senior vice president, Innovation and Startup Engagement, Mastercard. “Our provenance solution leverages Mastercard’s established network capabilities, globally-scaled technology, and services, such as payments and counterfeit programs. This allows us to deliver trust, financial inclusion and back-end efficiencies to the marketplace.”

“The sheer volume of global trade makes it difficult to track the journey and authenticity of food,” said Mark Kaplan, partner, Envisible. “We’re excited that Mastercard shares our vision and is driving consumer trust by bringing its significant expertise in using technology at scale with commercial-grade processing speeds, data flexibility and privacy, and security standards to an area that has previously been considerably opaque.”

The company will demonstrate its provenance solution at the Mastercard booth (#5108) at Money20/20 in Las Vegas from October 27-30.

Mastercard Launches Integrated Product Suite to Optimize Healthcare Partner Technology

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Mastercard Launches Integrated Product Suite to Optimize Healthcare Partner Technology

Mastercard Healthcare Solutions will develop and provide the tools needed to create efficiencies that enable healthcare organizations to focus on what matters most, helping people enjoy healthy lives.

Mastercard today unveiled Mastercard Healthcare Solutions, a new suite of products dedicated to helping healthcare partners detect fraud, waste, and abuse, capture more revenue, and protect patient health data.

Bringing its scale and advanced technology to healthcare, Mastercard is transforming its business by moving beyond cards and reimagining how its technology and capabilities can benefit the healthcare ecosystem. These solutions build upon Mastercard’s established role in healthcare – helping businesses provide their employees with convenient, reliable access to healthcare funds through Mastercard-branded Flexible Spending Account (FSA), Health Savings Account (HSA), and Health Reimbursement Arrangement (HRA) cards.

In a world that is increasingly digital-first, patients have come to expect seamless, real-time digital experiences in nearly every aspect of their lives. While healthcare organizations have the technology to preserve and enrich lives, the rapid technological change is putting pressure on them to keep pace and quickly adapt. Mastercard Healthcare Solutions will allow healthcare payers and providers to have the right tools to address rising digital threats and operate more efficiently.

“The healthcare industry is experiencing a significant transformation and Mastercard’s technology-driven solutions will help stakeholders including payers, providers and in the long run patients,” said Raja Rajamannar, chief marketing and communications officer and president, healthcare, Mastercard. “Our solutions range from helping payers detect and reduce fraud, waste, and abuse to offering tools to providers to help improve patient receivables.”

Mastercard Healthcare Solutions brings its capabilities to complement a partner’s existing system to address major pain points such as payment assurance, payment integrity, and cybersecurity. Unlike other new entrants to the industry, Mastercard Healthcare Solutions will enhance partners’ businesses, not compete with them.

Patient Payment Assurance: Predictive analytics to enable more effective billing strategies tailored to patient needs

  • Using the Mastercard Test and Learn® platform, health systems can optimize billing with predictive analytics that considers a patient’s unique circumstance. Providers will be able to:
    • Segment patients based on payment burden, individual payment behaviours, and other factors
    • Analyze relevant business drivers and past behaviors to determine the optimal billing approach
    • Develop new billing strategies customized to the patient’s unique profile
    • Measure the impact of differentiated billing strategies to continuously refine the approach

Fraud, Waste, and Abuse: AI and machine learning to detect suspicious claims activity

  • Mastercard Healthcare Solutions will use artificial intelligence models to identify healthcare claims fraud and other pain points in the health system. Partners will be able to take the uncertainty out of claims management with advanced techniques to:
    • Assess new providers to reduce onboarding risk
    • Continuously monitor provider behaviour and risk levels
    • Address omnichannel fraud across vectors, channels, transactions
    • Manage daily transaction fraud risk in real time

Data Security: Biometrics and behavioural analytics to protect health information

  • With healthcare data breaches rising steadily, securing health and payments data is a top priority for the healthcare industry. Leveraging behavioural analytics, biometrics, and risk assessments, Mastercard Healthcare Solutions can help:
    • Authenticate mobile access to HSA accounts, call centres, and patient portals
    • Mitigate automated cyberattacks and data exposure on websites and mobile apps
    • Detect cybersecurity threats in real-time to lower operational and investigative costs
    • Identify security and ID management gaps in IT systems and processes
    • Reliably authenticate patients during new account enrollment

Lafarge Africa: Over-Proportional Profitability Increase In Q3 2019 Results

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Lafarge Africa: Over-Proportional Profitability Increase In Q3 2019 Results

− Strong Q3 EBITDA (pre-IFRS 16) increase of 32,7% vs LY
− Operating profit multiplied by 2,7x in Q3 vs LY
− Q3 finance costs drop by 70,6%
− Positive Net income for four consecutive quarters
− Successful divestment from Lafarge South Africa Holdings
− Significant deleveraging with Net financial debt reduction by 79.2%

Lafarge Africa Plc released its report this morning, recording a net sales of N214billion for the nine-month period and N53billion for Q3 ‘2019; a decrease of 25.1% over 2018.

PERFORMANCE OVERVIEW

Group Quarter 3 and Nine Months

Michel Puchercos, CEO of Lafarge Africa stated: “Our Strategy 2022 « building for growth » in Nigeria is delivering the expected results with strong EBITDA and operating profit improvement, robust net income and operating cash flow development. Our turnaround and cost reduction strategy in Q3 continues to deliver strong margins with improvement in commercial transformation, logistics performance, industrial & energy efficiencies. Our ambition is to continue the acceleration of growth and earnings in Q4.

REGIONAL PERFORMANCE

Lafarge Africa Plc, a leading Sub-Saharan Africa building materials company is a subsidiary of LafargeHolcim, a world leader in building materials. Listed on the Nigerian Stock Exchange, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.

OUTLOOK 2019

Based on the above trends, with market demand, which is expected to accelerate in Q4 compared to Q3 2019, a stable pricing environment and the successful execution of Strategy 2022, we expect to continue to deliver in Q4 2019.

Mission 50,000! Chinachem Group kicks off "Light Upcycled Art-for-All" for the Christmas season with light bulb collection initiative which aims to improve lighting for the elderly

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Mission 50,000! Chinachem Group kicks off "Light Upcycled Art-for-All" for the Christmas season with light bulb collection initiative which aims to improve lighting for the elderly

HONG KONG, CHINA – Media OutReach – October 28, 2019 – Chinachem Group (the Group) announced the first episode of “Light
Upcycled Art-for-All” — the Group’s large-scale Christmas public art programme featuring
thoughtful initiatives to bring positive change to our communities, thrilling
light displays and
exciting public art projects encompassing a pop-up Upcycling Art
Exhibition and a diverse range of workshops with a focus on educating and
engaging the public about upcycling.

 

The commencement of the three-month citywide light
bulb collection campaign — fully supported by the Group’s properties, hotels
and shopping malls — aims to collect 50,000 used light bulbs or Mission 50000 pledge with an ultimate
goal of benefiting Hong Kong’s elderly. The Group will also donate HK$10 to St.
James’ Settlement for every used bulb, used tube or Mission 50000 pledge received for their Home Improvement Project
for Deprived Elderly programme, which aims to increase the energy efficiency of
household lighting for seniors. Bolstered by the public’s initiatives, the
donation amount made by the Group could reach up to HK$500,000 in total.

 

Members of the public are encouraged to visit the
campaign website https://www.chinachemgroup.com/en/lightupcycledart or the
63 Mission 50000 pledge destinations*
to sign up for Mission 50000 between
now and December 31, 2019. In addition, during this period, members of the
public can come to 17 designated bulb collection points* to donate used bulbs.

* Please visit the campaign website for details
of the Mission 50000 pledge destinations and the bulb collection points.


As a responsible corporate citizen, the Group is
devoted to its corporate vision of transforming Hong Kong into a more liveable
city. It is committed to realising this vision with a hands-on approach through
the act of collecting used light bulbs from local households, the Group aims to
further promote environmental awareness on a community level by encouraging
people to rethink the possibilities of creating values from common wastes.

 

Through this Christmas public art programme, the Group
is committed to providing new opportunities for all to join, and to show that
everyone can contribute to making Hong Kong a greener, healthier and an even
better city to live in.

Galaxy Entertainment Group Introduces Galaxy International Convention Center and Galaxy Arena – Asia’s Ultimate Integrated Resort & MICE Destination in Macau

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Galaxy Entertainment Group Introduces Galaxy International Convention Center and Galaxy Arena – Asia’s Ultimate Integrated Resort & MICE Destination in Macau

SINGAPORE – Media
OutReach – 28 October 2019 – Galaxy Entertainment Group (GEG), Macau’s leading
integrated resort, hospitality and entertainment group, officially introduced
Galaxy International Convention Center (GICC) and Galaxy Arena.

Galaxy International Convention Center – Asia’s Most Iconic and Advanced MICE Destination located in Macau, with a breathtaking design, advanced technology, and flexible event space catering to multiple configurations and set-ups.

Galaxy International Convention Center – Asia’s Most Iconic and Advanced MICE Destination located in Macau, with a breathtaking design, advanced technology, and flexible event space catering to multiple configurations and set-ups.

Galaxy International Convention Center — Exhibition & Convention Hall, 10,000m² pillar-less space to accommodate up to 7,000 delegates, which is fully flexible for events of any scale.

Galaxy
International Convention Center, together with spectacular events venue Galaxy
Arena, is set to establish Asia’s most iconic and advanced integrated MICE
destination when it opens in Macau in the first half of 2021.

 

Dr. Lui Che Woo, GBM, MBE, JP, LLD, DSSc, DBA, Chairman
of Galaxy Entertainment Group, said, “We are honored to introduce state of the
art MICE and Arena facilities to attract new visitors and complement the Macau
Government’s vision of diversifying the economy and
developing Macau into a World Center of Tourism and Leisure.”

 

Creatively designed
for bespoke meetings, incentives, conferences and exhibitions, this ultimate
integrated resort and MICE destination is the latest addition to Galaxy
Entertainment Group’s ever-expanding integrated resort precinct in Macau, which
will set a new standard for Macau, while supporting the city’s vision of
becoming a ‘World Center of Tourism and Leisure’.

 

Macau as An Ideal
Destination

Macau is a
uniquely attractive destination for domestic and international MICE organizers.

 

The UNESCO World
Heritage Site with more than 20 historical locations has a rich cultural
heritage for visitors to explore; and is also a food lovers’ paradise
designated as a UNESCO city of gastronomy.

 

Benefiting from
favorable Macau SAR policies encouraging MICE events and advanced
infrastructure development, Macau now has an unprecedented opportunity to
develop its MICE industry.

 

Transportation and Advanced Infrastructure

Most
notable among vastly-improved transportation links is the newly-openedHong Kong-Zhuhai-Macau Bridge. T
he world’s longest
sea-crossing dramatically enhances Macau’s connectivity with theregion’s Greater Bay Area.’The age of the bridge’ heralds a new era forplacing Macau on the
world’s MICE industry map.

 

Macau is also
seamlessly connected by direct flights to major cities in Greater China and
over 200 cities worldwide via 3 major international airports, including Macau
International Airport, Hong Kong International Airport and Zhuhai International
Airport with over 94 million passengers and approximately 600,000 aircrafts
movements in 2018.

Integrated Resort and MICE Destination

Galaxy International Convention Center connects
seamlessly with multiple award-winning integrated resort Galaxy Macau™,
with Macau’s largest collection of luxury hotel brands under one roof — The
Ritz-Carlton, Macau, Banyan Tree Macau, JW Marriott Hotel Macau, Hotel Okura
Macau, Galaxy Hotel™ and Broadway Hotel.

Poised to open a new chapter for MICE tourism,
guests also enjoy easy access to 1.1 million m2 of unique
entertainment, shopping and leisure attractions. These include 120 dining
options at Galaxy Macau, some of which have been garnered such prestigious
accolades as the Michelin Stars, and Broadway Food Street at Broadway Macau™ which
is just a link bridge away from Galaxy Macau.

Blending business and leisure, GICC also provides
guests easy access to The Grand Resort Deck, a unique rooftop ‘tropical beach’
experience with the world’s longest Skytop Aquatic Adventure Rapids and a 150-meter
beach front Wave Pool with white sand beach. Leisure attractions extend to The
Promenade Shops of 200 international brands, a 3D Cineplex with state-of-art 4K
laser experience, and award-winning spas.

Best in Class Facility, Functionality and
Technology

Galaxy International Convention Center, Asia’s most
iconic and advanced MICE destination — a world class event venue with a total
MICE space of 40,000m2, features breathtaking design, advanced
facilities and is equipped with immersive technology, state-of-the-art
audio-visual and lighting, latest communication system, and flexible event
space catering to multiple configurations and set-ups.

GICC introduces
many world class features including
a 10,000m2
pillar-less Exhibition Hall for trade shows; an Auditorium seating 650 guests for keynote sessions,
ceremonies, performances and product launches; a Banquet
Hall seating 2,400 guests; a 4,000m2Conference
Hall consisting of 3 partitionable spaces; a Ballroom
catering for over 1,000 guests;
a diverse selection of dining options and a luxury lifestyle hotel with over 700 rooms. 

Additionally, the
16,000-seat Galaxy Arena is set to
become Macau’s ultimate integrated entertainment venue for world-tour concerts
and spectacular large-scale sporting events.


Bespoke Experience, Excellence
in Execution

Opening a new chapter for event organizers, Galaxy
International Convention Center is dedicated to deliver guests unparalleled
event planning and execution experience.

A talented EVENT STUDIO team of highly creative and
innovative event professionals collaborate with event planners to ensure their
vision is delivered with ‘World Class, Asian
Heart’ service, from venue selection, theme and décor to entertainment and
visual and lighting effects.

In
the run-up to opening, Galaxy International Convention Center is being unveiled
at MICE trade shows starting from IBTM China in Beijing (August 28-29), IT
& CM Asia (Bangkok, September 24-26), ITB Asia (Singapore, October 16-18), Tourism Expo (Osaka, October
24-27) and IBTM World (Barcelona, November 19-21) in 2019.

About Galaxy International Convention Center (GICC) and Galaxy Arena

Opening in the first half of 2021 in Macau, Galaxy
International Convention Center (GICC) is a new world class event facility
developed by Galaxy Entertainment Group. GICC extends the group’s
ever-expanding integrated resort precinct Galaxy Resorts (Macau), creating
Asia’s ultimate integrated Resort & MICE destination — and supporting
Macau’s vision of becoming a ‘World Center of Tourism and Leisure’.

 

As Asia’s most iconic and advanced MICE
destination, Galaxy International Convention Center (GICC) is a world class
event venue with a total MICE space of 40,000m2 for meetings,
incentives, conferences and exhibitions. Additionally, the 16,000-seat Galaxy
Arena is set to become Macau’s ultimate integrated entertainment venue for world-tour
concerts and spectacular large-scale sporting events.

For more information, please visit:
www.galaxyicc.com

Jaguar Land Rover Returns to Profit, Revenues Rise 8% In Q2 Of 2019/2020 Financial Year

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Jaguar Land Rover Returns to Profit, Revenues Rise 8% In Q2 Of 2019/2020 Financial Year
  • Revenues rise 8% year-on-year to £6.1 billion
  • Pre-tax profit reaches £156 million, £246 million better than a year ago
  • The company achieves 4.8% EBIT margin
  • Operating cash outflow of £64 million after £841 million of investment spending, representing £559 million improvements on the prior-year quarter
  • Strong demand for new Range Rover Evoque and Range Rover Sport, with the launches of the new Jaguar XE and Land Rover Discovery Sport rolling out
  • The company on track to achieve £2.5 billion costs and cashflow improvement target by end March 2020

Whitley, UK, 25 October 2019: Jaguar Land Rover Automotive plc today reported financial results for the three-month period ending 30 September 2019.

Revenue increased 8.0% year-on-year to £6.1 billion, driven by higher wholesales (up 2.9%) and favourable product mix. While total retail sales were down slightly (-0.7%), performance in China improved sharply, up 24.3%. Global retail sales of the new Range Rover Evoque were up by 54.6%, Range Rover Sport rose 17.5% and Jaguar I-PACE retails were up by 2,593 units.

Jaguar Land Rover generated pre-tax profits of £156 million in the quarter, £246 million better year-on-year. The improvement reflects favourable wholesale volume and mix, operating costs, depreciation and amortization, and foreign exchange. Profit margins also significantly improved with an EBIT margin of 4.8% and an EBITDA margin of 13.8%.

The company’s Project Charge transformation programme contributed £162 million of cost improvement and £285 million reductions in investment spending in the quarter. With £2.2 billion efficiencies achieved to date, Jaguar Land Rover remains on track to achieve the full targeted £2.5 billion by 31 March 2020 and further improvements beyond then.

Jaguar Land Rover has returned to profitability and revenue growth. This is testament to the fundamental strength of our business, our award-winning products, new technologies and operating efficiencies.
We were one of the first companies in our sector to address the challenges facing our industry. As such, it is encouraging to see the impact of our Project Charge transformation programme and our improvement initiatives in the China market start to come through in our results.

PROF SIR RALF D SPETH KBE FRENG
CHIEF EXECUTIVE OFFICER

Free cash flow was negative £64 million for the quarter, a £559 million year-on-year improvement. This progress reflects both better profitability and a £154 million decrease in investment spending to £841 million for the period. At quarter-end, Jaguar Land Rover had cash of £2.85 billion and a £1.9 billion undrawn credit facility. Since then, the company has completed a £625 million five-year amortizing loan facility backed by a £500 million guarantee from UK Export Finance (UKEF) and signed a new £100 million working capital facility for fleet buybacks.

Jaguar Land Rover is also continuing to execute its product strategy. In September the New Land Rover Defender was revealed, the toughest and most capable Land Rover vehicle yet. The latest addition to the company’s line-up retains the character and authenticity of the original and meets the most stringent emissions and safety standards in the world. The first customer deliveries of the New Defender will begin from spring 2020.

Jaguar Land Rover’s Advanced Product Creation Centre opened at Gaydon, UK, in September. Co-locating Jaguar and Land Rover design, vehicle engineering and purchasing for the first time, the new facility increases collaboration, encourages innovation and promotes leaner processes. The centre supports the delivery of the company’s Destination Zero mission to achieve a future of zero emissions, zero accidents and zero congestion.

For the financial year ending 31 March 2020, Jaguar Land Rover continues to expect year-on-year improvement and to target, a 3-4% EBIT margin with cash flow increased over last year. Prof Sir Ralf Speth concluded:

Our people have responded very positively to the challenging circumstances over the past year. The improved performance this quarter reflects their ongoing passion and determination. Looking forward, we will continue our product offensive, broadening our range of electrified vehicles on the journey towards our Destination Zero future.”

PROF SIR RALF D SPETH KBE FRENG
CHIEF EXECUTIVE OFFICER

Maltina, Noble Igwe Set To Share Happiness In Abuja With ‘1000 Smiles’ Campaign

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Maltina, Noble Igwe Set To Share Happiness In Abuja With ‘1000 Smiles’ Campaign

Maltina, Nigeria’s leading malt drink, in partnership with celebrity blogger, Noble Igwe is set to tour Abuja for its ‘1000 Smiles’ campaign on Monday, October 28, 2019.

The campaign is an exciting initiative by Maltina aimed at sharing happiness and capturing smiles of people across diverse backgrounds in Nigeria.

The tour details unique stories, photos and videos of participants in several cities, and other fun activities which include handing out cans of Maltina drinks.

In her statement, the Maltina Brand Manager, Chiamaka Efulu said, “Maltina remains the number one malt drink made specially from natural ingredients, and fortified with vitamins and calcium for healthy families, making it the innovative category leader with a strong message to spread happiness across the country”.

The campaign began on August 2019, as the ‘Happiness Team’ made up of the brand representatives and Noble Igwe visited several Nigerian cities including Aba, Uyo, Awka, Lagos, Ilorin, Ijebu Ode, and others.

Maltina believes that a smile has the potential to inspire the world, which influenced its mission to capture happiness in Nigeria. The campaign has rapidly evolved into stories about joy across different communities, regardless of challenges, age or gender.

Unity Bank Declares N1.48bn PAT in Q3 2019 Results

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Unity Bank Declares N1.48bn PAT in Q3 2019 Results

Summary

  • Gross Earnings increased by 19.6% to N31.26bn from N26.13bn in Q3 2018
  • Profit before Tax increased by 150.2% to N1.61bn from N644.00bn in Q3 2018
  • Profit after Tax increased by 146.6% to 1.48bn from N601mln in Q3 2018
  • Operating Expenses down by 10% from N15.4 billion to N13.9 billion in Q3 2019

Unity Bank Plc, Nigeria’s 8th largest bank by business locations, leading retail banks with over 200 business offices spread across the country. The bank driven by its vision to be the retail bank of choice for all Nigerians has recently released its 9 months 2019 results to the public. The result revealed a growth in Post-Tax Profit by 147%.

The bank announced a N1.48 billion Post-tax profit in Q3 2019 as opposed to N600 million declared in the same period of 2018. A 26% growth in Fee and Commission Income, 12% growth in Net Interest Income and 10% reduction in Operating Expenses is seen to be responsible for the impressive growth of Unity Bank Q3 2019 results.

The Earning Per Share of Stanbic IBTC Bank also increased by 118% from 8 kobo in September 2018 to 18 kobo per share in September 2019. The Balance Sheet size of Unity Bank Plc also shows impressive growth except for Equity that remains flat for the period.

Total Assets up by 27% from N236 billion in December 2018 to N300 billion in Q3 2019 while the Customer deposits also up by 5% from N242 billion to N254 billion in Q3 2019. Customer loans and advances up by 103% from N43.7 billion in December 2018 to N88.8 billion in September 2019. Also, the total Equity was flat at N243.6 billion to N242.6 billion as at end of September 2019.

Stanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 results

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Stanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 results

Key Highlights

  • Gross Earning up by 3% from N168.8 billion to N176.2 billion in Q3 2019
  • Operating Expenses down by 0.8% from N72.2 billion to N71.6 billion in Q3 2019
  • Profit Before Tax down by 2% to N69.1 billion from N70.4 billion in Q3 2018
  • Post Tax Profit also down by 7% from N59.8 billion to N55.6 billion in Q3 2019.

Stanbic IBTC Bank Plc, a leading provider of integrated financial services, pensions and wealth management products and services in Nigeria recently released its nine months 2019 results to the public. The bank Q3 2019 result reveals a 7% drop in Post-tax profit for the period with marginal growth in most of the bottom-line fundamentals.

The bank announced a N55.55 billion Post-tax profit which is less than the N59.76 billion profit declared in the corresponding period in 2018. The 3% growth in Gross Earning with a 6% growth in Trade Income could not dovetail into growth in profit because of a 98% drop in Impairment Write Back. The bank was able to recoup N4.14 billion of its Bad Debt in Q3 2018 but only N90 million was recovered in the same period in 2019.

The Earning Per Share of Stanbic IBTC Bank also decreased by 11% from 573 kobo in September 2018 to 513 kobo in September 2019.

The Balance Sheet size of Stanbic IBTC Bank Plc, however, shows impressive growth except for Customer Deposit that declined by 15% for the nine-month period from December 2018 to September 2019 Total Assets up by 11% from N1.66 trillion in December 2018 to N1.83 trillion in Q3 2019 Customer deposits down by 15% from N807.7 billion to N687.9 billion in Q3 2019. Customer loans and advances up by 24% from N432.7 billion in December 2018 to N537.5 billion in September 2019 Total Equity also up by 22% from N239.7 billion to N292.2 billion as at end of September 2019.

Axxela Rated BBB plus Long-Term (NG), A2 Short-Term (NG)- GCR; Outlook Stable

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Axxela Rated BBB plus Long-Term (NG), A2 Short-Term (NG)- GCR; Outlook Stable

Axxela Limited, one of Africa’s fast-growing power and gas companies, has been recently rated BBB+ Long-Term and A2 Short-Term by Credit Rating Agency, GCR. According to a recent Press Release by Axxela the Rating Agency considered the companies short and long-term outlook to be stable.

Growing The Virtual and Embedded Power Pipeline

Commenting on the rating, Axxela’s Chief Executive Officer, Bolaji Osunsanya remarked: “GCR’s rating of our company is a significant indicator of our improved performance, strategic initiatives, and overall impact of our operations in providing innovative energy solutions within key economic clusters across the region. As the partner of choice, we have a formidable stable of stakeholders positioned to actualise our projects, especially within the virtual pipeline, gas processing and distribution, and embedded power spaces.”

According to the Release the Rating was a confirmation of the companies position as a leader in the oil and gas and power businesses. Axxela’s Chief Financial Officer, Tim Ononiwu noted that “The attainment of this rating for the second year running speaks volumes about our corporate reputation, fiscal credibility, profitability, and balance sheet optimisation, which are integral to our growth initiatives. We take immense pride in our corporate governance and fiscal responsibility, thus better positioning us to anticipate the needs of our client base and the larger market”

Rating Rationale

GCR based its recent rating of the gas company on the following basis:

  • Axxela is embarking on several gas infrastructure developments which are expected to be delivered in the short-medium term.
  • Axxela has reported strong revenue growth, supported by rising volumes, higher selling prices and an expanded clientele base.
  • Axxela’s position is also strengthened by strategic partnerships, long term distribution arrangements, and strong relationship with technical partners.

Related Fact

Axxela recently received an upgraded corporate credit rating from “Bbb” to “Bbb+” with a Positive Outlook by Agusto & Co., one of Nigeria’s foremost rating agencies.

Axxela is a Helios Investment Partners LLP portfolio company, and a designated natural gas shipper on the West African Gas Pipeline (WAGP). Axxela is also the pioneering private sector-led developer of natural gas distribution in Nigeria, delivering at peak 80 million standard cubic feet per day to over 160 industrial and commercial customers via a vast network of gas infrastructure. With over 280km in gas pipeline infrastructure built, Axxela provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, and Central Horizon Gas Company Limited.

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